Evolve Private Wealth LLC Makes New Investment in Cummins Inc. $CMI

Evolve Private Wealth LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,299 shares of the company’s stock, valued at approximately $1,640,000.

A number of other institutional investors have also recently added to or reduced their stakes in CMI. Persistent Asset Partners Ltd acquired a new position in shares of Cummins during the 2nd quarter valued at $26,000. Elevation Wealth Partners LLC lifted its holdings in shares of Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after buying an additional 22 shares during the period. Cedar Mountain Advisors LLC lifted its holdings in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares during the period. Activest Wealth Management boosted its stake in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares in the last quarter. Finally, Wellington Shields Capital Management LLC acquired a new position in Cummins during the fourth quarter worth about $27,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

CMI stock opened at $587.87 on Friday. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The firm has a 50-day moving average of $660.86 and a two-hundred day moving average of $628.31. The firm has a market capitalization of $80.93 billion, a PE ratio of 30.04, a P/E/G ratio of 1.40 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.43 EPS. On average, analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. The ex-dividend date is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. Cummins’s dividend payout ratio is currently 40.88%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. UBS Group dropped their price target on shares of Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Truist Financial set a $894.00 target price on shares of Cummins in a report on Wednesday, August 5th. Wells Fargo & Company increased their target price on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Citigroup upped their price target on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average target price of $745.64.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.